Tim Cook dinner, Apple’s Chief Govt Officer (CEO) greets the media with folded palms outdoors the Apple retailer at Jio World Drive mall, Mumbai, India, April 18, 2023.
Ashish Vaishnav | Sopa Photographs | Lightrocket | Getty Photographs
India turned Apple’s fifth largest iPhone market within the second quarter, in accordance with analysis launched Tuesday, because the U.S. know-how large ramps up distribution and advertising in what CEO Tim Cook dinner sees as a important future market.
For Apple, India overtook Germany and France for iPhone gross sales within the June quarter, and is now behind the U.Ok., Japan, China and the U.S., Counterpoint Analysis instructed CNBC on Tuesday. It’s the first time India has been one in every of Apple’s prime 5 markets for iPhone gross sales.
India contributed near 4% of all iPhone gross sales within the second quarter, in accordance with the analysis agency. The agency was not capable of disclose the precise variety of iPhone gross sales however mentioned they grew 50% year-on-year.
Apple commanded a 5.1% market share in India’s complete smartphone market within the interval to the tip of June, versus 3.4% in the identical interval final 12 months, Counterpoint Analysis mentioned.
The fast development in India comes as Apple ramps up its presence on the planet’s fifth-largest economic system from each a retail and manufacturing perspective.
In April, Apple opened its first bodily shops within the nation within the capital of Delhi and the populous metropolis of Mumbai.
Apple has additionally shifted some iPhone manufacturing to India because it seems to diversify away from China, the place the majority of its flagship smartphone is at the moment produced.
India’s smartphone market is dominated by low-cost Android smartphones made by Chinese language gamers like Xiaomi in addition to Apple’s arch rival Samsung. Nevertheless, there was a development within the premium smartphone phase. Smartphones priced above $400 now account for 10% of the whole volumes of handsets shipped versus 4% earlier than the Covid-19 pandemic, in accordance with Counterpoint Analysis.
Apple’s development story in India has been a mixture of the corporate’s “total technique specializing in distribution and affordability,” Ankit Malhotra, senior analysis analyst at Counterpoint Analysis, instructed CNBC by way of e-mail.
“The primary industry-wide issue is the expansion within the premium market in India which Apple has taken benefit of.”
Analysts are excited concerning the prospects of India for Apple. Morgan Stanley mentioned in a be aware Monday that Apple may account for 15% of Apple’s income development over the subsequent 5 years. Analysts on the funding financial institution forecast income development over then subsequent 10 years in India to face at $40 billion.
